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2023 (2) TMI 582 - BOMBAY HIGH COURTReopening of assessment u/s 147 - order rejecting the objections to reopening - Denial of natural justice - HELD THAT:- Considering all the above circumstances and applying the ratio of the judgment of this Court in Tata Capital Financial Services Limited [2022 (2) TMI 1093 - BOMBAY HIGH COURT] and specific directions contained therein to the revenue, we are of the considered opinion that the Assessing Officer has acted in gross violation of the directions in Tata Capital Financial Services Limited [2022 (2) TMI 1093 - BOMBAY HIGH COURT] and in contravention of the provisions of Article 14 of the Constitution of India. Consequently, the impugned orders issued under Section 148 of the Act, order rejecting the objections to reopening passed by the Respondent No.2, Assessment order, Notice of demand issued under Section 156 of the Act, and Penalty notice dated 31.03.2022 issued under Section 271(1)(c) of the Act, are quashed and set aside. The matter is now remanded back to the Assessing Officer, who shall provide the Petitioner with the satisfaction note of the Principal Commissioner of Income Tax, granting approval for issuance of Notice under Section 148 of the Act, the appraisal report from DDIT (Inv), and bank statements of M/S Sanyam Gems Pvt. Ltd., the statement of Shri Shripal Vora at Bhavnagar, recorded under Section 131 of the Act, and all other documents and material, which form the basis of the reasons recorded by the Assessing Officer for issuing notice under Section 148 of the Act - Decided in favour of assessee.
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